On January $1,2008,$ Davis Corporation issued $$3,000,000$ of $8\%$ bonds at $103.$ Interest is paid annually on December $31$ of each year. The bonds mature

on December $31,2027,$ and the company uses the straight$-$line method of amortization. On January $2,2019,$ Davis reacquired the bonds and recognized a

loss of $$96,000.$

Required:

Next Level Calculate the reacquisition price of the bonds on January $2,2019,$ and prepare the journal entry to record the reacquisition of Davis's

bonds.